Bitcoin tokens supplied
BTCWBTC, cbBTC, LBTC and other bitcoin tokens supplied to Aave and Morpho markets on covered chains, at the day's last block.
Dashboard · VantagePlanned
Bitcoin DeFi Lending: WBTC and cbBTC on Aave and Morpho
How much wrapped bitcoin is used as collateral in DeFi lending, and how much is borrowed against it?
WBTC, cbBTC and other bitcoin tokens supplied and borrowed on Aave and Morpho, the debt they back and where they would be liquidated.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Markets
Bitcoin tokens supplied and borrowed, the debt they back, caps and rates.
Bitcoin tokens borrowed
BTCBitcoin tokens borrowed from those markets, from debt token supply and Morpho borrow shares at the same block.
Debt backed by bitcoin
USDThe debt of positions whose collateral is mostly bitcoin tokens, valued at the markets' own oracle prices.
Supply cap used
%Bitcoin tokens supplied to Aave as a share of their supply caps, for the market and token selected.
Supplied by token and chain
BTCBitcoin tokens supplied to lending markets by day, split by token and chain.
Supply and borrow rates
%Supply APY and variable borrow APY of the selected bitcoin token by day.
Liquidation risk
Where bitcoin collateral would be liquidated and what already has been.
Liquidated, 30 days
BTCBitcoin-token collateral seized in liquidations on Aave and Morpho over the last 30 days.
Collateral near liquidation
BTCBitcoin-token collateral in positions within a small price move of liquidation at the latest block.
Liquidation levels by BTC price
BTCBitcoin-token collateral that would become liquidatable at each BTC price below the current one, from every open position.
Every bitcoin lending market
Each market with its chain, protocol, token, supplied, borrowed, utilization, loan-to-value and liquidation threshold.
- Token
- WBTC, cbBTC, LBTC, tBTC or all
- Chain
- Ethereum, Base, Arbitrum or all
About
What it answers, and for whom.
Most wrapped bitcoin in DeFi ends up as collateral: holders supply WBTC, cbBTC or LBTC to a lending market and borrow stablecoins or ETH against it. This dashboard reads Aave's and Morpho's markets on Ethereum, Base and Arbitrum to show how much bitcoin is supplied and borrowed, the debt it backs and how close those loans are to liquidation.
The markets treat each bitcoin token as its own asset, with its own oracle, loan-to-value, liquidation threshold and supply cap, even though all of them track BTC. Caps matter as much as rates here: when a cap fills, the market refuses new deposits of that token, so the dashboard shows how much of each cap is used beside the rates.
The risk page rebuilds every open position to show how much bitcoin collateral would become liquidatable at each price below today's, and lists the liquidations that have happened. Every figure names its block and the contract reads behind it.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Supply and borrow per market come from aToken and variable debt token totalSupply on Aave and from Morpho's market state, at each day's last block.
- Rates are Aave's liquidityRate and variableBorrowRate from getReserveData, converted to APY, and Morpho's borrow rate from each market's rate model at the same block.
- The debt backed by bitcoin and the liquidation levels are rebuilt from every open position's collateral and debt, priced with the oracles the markets themselves use.
- Liquidations are decoded LiquidationCall events on Aave and Liquidate events on Morpho, valued at the oracle price of their block.
The data it needs
Read from chain state and history
- lending_markets_dailyTo buildLending marketsSupply, borrow, utilization and rates per lending market (Aave, Morpho, Spark, Compound, Euler and others) at day end.
- liquidationsTo buildLiquidationsEvery liquidation on major lending markets and perp venues: collateral seized, debt repaid, liquidator, and the price at the time.
- native_prices_dailyTo buildOracle prices by dayReference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- token_supply_dailyTo buildToken supply by dayTotal supply of each registry token on each chain at day end: wrapped BTC, liquid staking tokens, tokenized assets and other tracked tokens.
- yield_rates_dailyTo buildYields and ratesSupply rates, staking yields and vault share-price growth per pool and vault per day, in one comparable table.
- Aave v3 aToken and variable debt token totalSupply for WBTC, cbBTC, LBTC and tBTC reserves at day-end blocks
- Pool.getReserveData and each reserve's configuration: rates, loan-to-value, liquidation threshold and supply cap
- Morpho market state and parameters for markets with bitcoin-token collateral
- Open positions rebuilt from Supply, Borrow, Repay, Withdraw and liquidation events
- Aave LiquidationCall and Morpho Liquidate events
- The oracle each market uses for each bitcoin token, read at the same blocks
Questions
Questions people ask.
Can you borrow against bitcoin on Aave?
Not with native BTC, but with bitcoin tokens on other chains. WBTC, cbBTC and LBTC are listed as collateral on Aave's markets, so a holder can supply them and borrow up to the asset's loan-to-value, and is liquidated if the collateral's value falls too far against the debt.
What is the difference between WBTC and cbBTC as collateral?
Both are custodial bitcoin tokens backed one for one, held by different custodians. Lending markets list each as a separate asset with its own oracle, caps and risk settings, so their limits and rates can differ even though both track BTC.
Why do bitcoin tokens earn little interest in lending markets?
Most holders supply bitcoin tokens as collateral and borrow something else against them, so little BTC is borrowed and utilization stays low. Supply rates follow utilization, which the dashboard shows beside them.
What happens when a supply cap is reached?
The market stops accepting new deposits of that token until governance raises the cap or others withdraw. Caps on bitcoin tokens have filled at times, which is why the dashboard tracks how much of each cap is used.
Where does Morpho fit in?
Morpho runs isolated markets, each pairing one collateral with one loan asset at a fixed liquidation level, plus vaults that lend into them. Bitcoin tokens, cbBTC on Base above all, are common collateral there, so the dashboard counts Morpho's markets beside Aave's.
- Loan-to-value
- The most a position can borrow against an asset, as a share of the collateral's value.
- Liquidation threshold
- The share of collateral value at which a position becomes liquidatable; it is set above the loan-to-value.
- Supply cap
- The most of an asset a market accepts as deposits, set by governance to limit its exposure.
- Health factor
- A position's collateral value times its liquidation threshold divided by its debt; below one, it can be liquidated.
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